In 2024, Emaar's real estate development business in the UAE achieved revenue of 65.4 billion dirhams ($17.8 billion) due to the successful launch of 62 new projects within all company plans. This reflects a growth of 75% compared to 2023. Emaar Development reported revenue of 19.1 billion dirhams ($5.2 billion) in 2024, indicating an increase of 61% compared to 2023 and reached a net profit of 10.2 billion dirhams ($2.8 billion), which corresponds to a growth of 20% compared to 2023.
The total revenue of Emaar Properties from the real estate development business in the UAE in 2024 reached 23.5 billion dirhams ($6.4 billion), including Dubai Creek Harbour. The backlog of revenue from property sales in the UAE increased to 102.7 billion dirhams ($28 billion) by December 31, 2024, representing a substantial annual growth of 65%.
Emaar's division for shopping centers, retail and commercial leasing recorded revenue of 5.6 billion dirhams ($1.5 billion) in 2024. Revenue from property sales grew by 72%, amounting to approximately 70 billion dirhams ($19 billion). Revenue increased by 33% to 35.5 billion dirhams ($9.6 billion), during this EBITDA rose to 19.3 billion dirhams ($5.2 billion), reflecting an impressive margin of 54%. Net profit also increased by 25% to 18.9 billion dirhams ($5.1 billion).
Ahmed Alabbar, the founder of Emaar, noted: "We are pleased with the results of 2024 as a result of our efforts to overcome boundaries, enhance targets, and achieve better efficiencies while maintaining a full focus on our clients." The company achieved record-high property sales, generating revenue from property sales exceeding 110 billion dirhams ($30 billion) by December 31, 2024. It is also noteworthy that the highest revenue of Emaar was recorded at 35.5 billion dirhams ($9.6 billion) in 2024, indicating a growth of 33% compared to the previous year. The company also recorded a record net profit of 18.9 billion dirhams ($5.1 billion), increasing by 25% compared to 2023.
In December 2024, Emaar announced a new dividend policy, as well as the highest-ever proposed dividend at 100% of the statutory capital for 2024 in the amount of 8.8 billion dirhams, which is double what it was in 2023. Among the key achievements, it should be noted the acquisition of a territory of 141 million square feet in Dubai with an overall value of 96 billion dirhams throughout the year and the restoration of all homes affected by unusual rainfall, at the company's expense in 2024.
